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Chinese tax policymakers may consider taking measures to maintain China business competitiveness, it said.

Chris Rowley, professor of Kellogg College, University of Oxford in Britain, said Xi's speech can be interpreted as the continuation of a long line of grand proclamations in recent years concerning China's economic development, its well-known achievements in sectors including poverty alleviation, healthcare and social security, and the country's role in world affairs and globalization in fight against protectionism.

Cloisonne enamel painting created by Ouyang Guohui, a provincial Master of Arts and Crafts in Gansu province, Northwest China. [Photo by Yang Yikai for chinadaily.com.cn]

Chinese tech firms showcased the latest innovations in mobile technology at the Mobile World Congress in Barcelona.

Cities like Beijing, Shanghai, Guangzhou and Shenzhen, and the Greater Bay Area of Guangdong, Hong Kong and Macao, are becoming the key players in investors' global strategies.